Does anyone know how much FICO scores drop when applying for loans or aquiring bout loans, credit cards etc....? I heard each time you give your SS# for applying for loans or credit cards it lowers your scores? It doesn't if you look at your own score, right?
2007-06-09 15:27:05 · 4 answers · asked by white_dove521 1 in Business & Finance ➔ Personal Finance
I am just looking up motorcycle loans online~scared to death to apply anywhere!!!!
2007-06-09 15:42:26 · update #1
FICO keeps their exact formula a secret, but one or two inquiries in a six month period is normal. A lot more than that indicates a sudden need for a lot of credit which is suspicious and will hurt your credit. You getting your own credit report doesn't count for or against you, since it isn't an application for a loan.
2007-06-09 15:34:45 · answer #1 · answered by Ted 7 · 0⤊ 0⤋
I am not sure how much it would lower your FICO score. A credit check for a Mortgage is not as bad as one for a Credit card. But I know for a fact that either would stay on your credit history for upto two years.
2007-06-09 15:37:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
each time your credit is run you lose 2to3 points, unless your applying for an automobile; in that case you could be run several times in a day with only minimal loss.Credit Cards it's generally 2to3 points per time run.
Also what Banks may look at is how many times in a short span you have been run, this can effect your score.
Everyone can run their Free Credit Report one time per year without having to pay. this is all 3company's (1) per.
2007-06-09 15:36:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think it drops about 5 points with each inquiry.
It doesn't drop at all when you're checking your own score, though.
2007-06-09 15:34:01 · answer #4 · answered by TygerLily 4 · 0⤊ 0⤋